4744 S Lorel St

Forest View, IL 60638

$230,000C-

3 bd · 1.5 ba · 1,126 sqft · Built 1978 · SingleFamily · Pending · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,234/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$434
• HOA: −$0
• Vac / Maint / Mgmt: −$469
• Net cashflow: $125/mo
• Annual: $1,498/yr
• Cap rate: 6.94%
• Cash-on-cash: 2.33%
• DSCR: 1.10
• 1% rule: 0.97%
• Cash to close: $64,400

Investor read

• This is a 3-bed/1.5-bath single-family listed at $230k.
• At list price, monthly cash flow is $125 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $223k (2.9% below list).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $223k (2.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#109 in IL, #1,778 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: health & safety D+, schools F, amenities F.
• Reavis Twp Hsd 220 (suburban): math 18% / reading 21% proficiency, ranked #420 of 620 in IL (top 68%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+1.3%/yr); 11 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• 9 sale attempts since 19y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $135k; list at $230k implies a 70% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.